Citigroup’s James Fleming is now the sole head of its UK trading unit following the departure of key investment banker Jan Skarbek.
Fleming, who was promoted to co-head of banking, capital markets and advisory for the UK and Ireland alongside Skarbek in June last year, has taken sole control of the division, according to people familiar with the matter.
Skarbek’s resignation from Citigroup was reported by Bloomberg on August 10. He left amid an investigation into allegedly inappropriate comments to a female employee during a work trip, the news agency said. The Telegraph reported that Skarbek told an analyst he needed “love and affection” during a trip to Barcelona.
TO READ Citi trader Jan Skarbek resigns amid ongoing investigation into remarks to female employee
A number of other senior bankers at Citi’s UK BCMA unit will take on additional management responsibilities following Skarbek’s departure, those familiar with the matter told Financial News.
These include Andrew Seaton, chairman of its UK unit, Andrew Truscott, its UK head of investment banking, Peter Brown, head of UK corporate broking, Sam Norton, who heads its bank UK corporate, and Louise O’Mara, who heads its Ireland. corporate bank Staff were informed of the changes in an internal memo last week.
Skarbek, a veteran dealmaker, had spent 28 years at Citigroup and was promoted amid a period of expansion at the bank.
Citi has between 30 and 35 bankers working in its UK and Ireland investment bank. Fleming and Skarbek told FN last year that they planned to expand the unit.
“It’s like managing a football team: one or two extra forwards can make a substantial difference,” Skarbek said in the August interview.
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